Fri, Jun 02, 2023 @ 23:05 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6204; (P) 1.6261; (R1) 1.6344; More

Intraday bias in EUR/AUD remains neutral for the moment. With 1.6354 support turned resistance intact, decline from 1.6785 short term top would extend lower. Below 1.6134 will target 1.5254/5976 support zone. Nevertheless, break of 1.6354 will revive near term bullishness and turn bias back to the upside for rebound.

In the bigger picture, the solid break of 1.6434 resistance argues that whole down trend from 1.9799 (2020 high) has completed at 1.4281 (2022 low). Further rise should be seen to 61.8% retracement of 1.9799 to 1.4281 at 1.7691 next. For now, outlook will stay bullish as long as 1.5976 resistance turned support holds, even in case of deep pull back.

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